S. 568 (104th): Family, Investment, Retirement, Savings, and Tax Fairness Act of 1995

Introduced:
Mar 16, 1995 (104th Congress, 1995–1996)
Status:
Died (Referred to Committee)
Sponsor
Daniel Coats
Senator from Indiana
Party
Republican
Text
Read Text »
Last Updated
Mar 16, 1995
Length
71 pages
Related Bills
S. 1576 (103rd) was a previous version of this bill.

Referred to Committee
Last Action: Oct 21, 1993

 
Status

This bill was introduced on March 16, 1995, in a previous session of Congress, but was not enacted.

Progress
Introduced Mar 16, 1995
Referred to Committee Mar 16, 1995
 
Full Title

A bill to provide a tax credit for families, to provide certain tax incentives to encourage investment and increase savings, and to place limitations on the growth of spending.

Summary

No summaries available.

Cosponsors
13 cosponsors (13R) (show)
Committees

Senate Finance

The committee chair determines whether a bill will move past the committee stage.

 
Primary Source

THOMAS.gov (The Library of Congress)

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Notes

S. stands for Senate bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.


3/16/1995--Introduced.
TABLE OF CONTENTS:
Title I - Family Tax Credit Title II: Reducing the Cost of Capital by Reducing Capital Gains Tax Rates and Indexing the Basis of Certain Assets Title III: Neutral Cost Recovery Title IV: Increasing National Savings Through Individual Retirement Plus Accounts, Indexing for Inflation the Income Thresholds for Taxing Social Security Benefits, Etc. Title V: Cap on Federal Spending and Establishment of Commission to Reduce Federal Spending Title VI: Elimination of Social Security Earnings Test Family, Investment, Retirement, Savings, and Tax Fairness Act of 1995
Title I - Family Tax Credit
Amends the Internal Revenue Code to allow individuals a tax credit of $500 multiplied by the number of qualifying children who have not attained age 18. Places limitations on such credit and adjusts it for inflation.
Title II - Reducing the Cost of Capital by Reducing Capital Gains Tax Rates and Indexing the Basis of Certain Assets
Reduces the individual and corporate capital gains rate from 34 percent to 15 percent. Reduces such tax to 7.5 percent for low- and middle-income taxpayers. Provides for the phaseout of personal exemptions and the overall limitation on itemized deductions to take into account adjusted gross income which has been reduced by net capital gain.
Section 204 -
Requires indexing, based on the gross national product deflator, of the adjusted basis of certain assets (corporate stock and tangible property that is a capital asset of property used in a trade or business) that have been held for more than one year at the time of sale or other transfer, solely for the purpose of determining gain or loss.
Section 205 -
Provides for indexing the limitation on capital losses of noncorporate taxpayers.
Title III - Neutral Cost Recovery
Allows the depreciation deduction to be computed based on a neutral recovery basis for property placed in service after December 31, 1994.
Section 302 -
Establishes special depreciation rules applicable under the adjusted current earnings provisions of the minimum tax for taxable years after 1994.
Title IV - Increasing National Savings Through Individual Retirement Plus Accounts, Indexing for Inflation the Income Thresholds for Taxing Social Security Benefits, Etc.
Allows individuals to establish individual retirement plus accounts with tax treatment similar to that for individual retirement plans.
Makes contributions to such account nondeductible.
Provides for qualified distributions from such accounts, other than for general retirement purposes, including special purpose distributions made for the purchase of a first home and for medical or educational purposes.
Prohibits special purpose distributions from being made during the first five years of the account.
Section 402 -
Provides an inflation adjustment after 1997 for income thresholds in determining the taxation of social security benefits. Excludes income from individual retirement plans when determining modified adjusted gross income.
Section 403 -
Provides an inflation adjustment after 1997 for the maximum amount allowable as a deduction for retirement savings.
Title V - Cap on Federal Spending and Establishment of Commission to Reduce Federal Spending
Establishes the Spending Reduction Commission to: (1) recommend specific reductions in Federal activities to assure that spending does not grow at a rate in excess of two percent per year beginning after FY 1995; and (2) take actions required by this title to achieve such reductions.
Section 504 -
Sets forth procedures for the Office of Management and Budget for making budget outlay reduction recommendations to the appropriate congressional committees and the Commission. Provides for the President to review such recommendations.
Section 505 -
Provides for congressional consideration of approved recommendations as submitted by the President through a joint resolution.
Section 506 -
Declares all budget reductions made under this title to be permanent.
Section 509 -
Amends the Balanced Budget and Emergency Deficit Control Act of 1985 (Gramm-Rudman-Hollings Act) to set forth sequestration procedures when the increase in annual Federal spending exceeds the amount resulting from an annual rate of inflation of two percent.
Title VI - Elimination of Social Security Earnings Test
Amends title II (Old Age, Survivors and Disability Insurance) of the Social Security Act to remove the limitation on the amount of outside income which beneficiaries who have attained retirement age may earn without incurring a reduction in benefits.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

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